BSE Bulk Deals To Watch - July 10 2009

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
10/7/2009 524412 AAREY DRUGS SOMABHAI GOKALDAS PATEL S 25000 37.13
10/7/2009 524412 AAREY DRUGS HIRABEN SOMABHAI PATEL S 27000 36.38
10/7/2009 531223 ANJANI SYNTH MANGILAL B. BURAD B 57585 41.90
10/7/2009 526839 CCAP LTD MANJULA H PAREKH B 25270 34.17
10/7/2009 526839 CCAP LTD KIRAN PODDAR S 20000 34.15
10/7/2009 512199 CORE PROJECT ALBULA INVESTMENT FUND LTD B 450000 110.91
10/7/2009 532696 EDUCOMP SOLN OPG SECURITIES P LTD B 88351 3921.41
10/7/2009 532696 EDUCOMP SOLN OPG SECURITIES P LTD S 88351 3922.03
10/7/2009 532984 ENSO SECUT ARION COMMERCIAL PVT LTD S 64205 14.12
10/7/2009 532022 FILAT FASH BIJAL BHATT B 40000 101.22
10/7/2009 531863 GEEKAY FINAN AMIT BUSINESS PVT LTD B 88873 198.57
10/7/2009 531863 GEEKAY FINAN ALPS VYAPAR PVT LTD S 72354 198.30
10/7/2009 531913 GOPAL IRON AMRUT SECURITIES LTD. B 100000 7.47
10/7/2009 531913 GOPAL IRON HIMAL KANCHANLAL PARIKH HUF S 100000 7.47
10/7/2009 504336 INDTRADECO L BCB FINANCE PRIVATE LIMITED B 1000000 0.71
10/7/2009 504336 INDTRADECO L SKYLARK INDUSTRIAL CLEANERS PVT LTD S 1400000 0.71
10/7/2009 522259 KALIN RAIL N BP FINTRADE PRIVATE LIMITED B 60456 164.75
10/7/2009 522259 KALIN RAIL N BP FINTRADE PRIVATE LIMITED S 59919 165.43
10/7/2009 531602 KOFF BR PICT SAMIR ROHITKUMAR SHAH B 336100 3.43
10/7/2009 531602 KOFF BR PICT NAYANBHAI RAMESHCHANDRA SHAH S 400500 3.43
10/7/2009 531602 KOFF BR PICT SAMIR ROHITKUMAR SHAH S 305000 3.39
10/7/2009 531731 KUVAM INTL GOLDIAM TRADING COMPANY PRIVATE LIMITED S 20000 10.86
10/7/2009 504288 POLAR INDUST DEBNATH MUKHOPADHYAY B 100000 4.89
10/7/2009 504288 POLAR INDUST CHANDRA NATH MUKHERJEE B 100000 4.89
10/7/2009 504288 POLAR INDUST COPTHALL MAURITIUS INVESTMENT LIMITED S 250000 4.89
10/7/2009 512413 SPECTACLE HEMANT MADHUSUDAN SHETH S 370000 46.52
10/7/2009 526133 SUPERTEX IND KUMKUM STOCK BROKER PVT LTD B 49695 54.65
10/7/2009 531874 VENUS VENT VIPUL HIRALAL SHAH B 47105 26.05
10/7/2009 531874 VENUS VENT ABHAY NARAIN GUPTA S 50000 26.05
10/7/2009 533023 WABCO TVS RCTL A/c Reliance long termequity fund B 956700 250.00
10/7/2009 533023 WABCO TVS SOUTHERN ROADWAYS LIMITED S 189446 250.00
10/7/2009 533023 WABCO TVS T V SUNDARAM IYENGAR & SONS LIMITED S 237958 250.00
10/7/2009 533023 WABCO TVS SUNDARAM FINANCE LIMITED S 142068 250.00
10/7/2009 533023 WABCO TVS SUNDARAM INDUSTRIES LIMITED S 378908 250.00

NSE Bulk Deals to Watch - July 10 2009

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
10-JUL-2009,EDUCOMP,Educomp Solutions Limited,C D INTEGRATED SERVICES LTD.,BUY,136512,3938.32,-
10-JUL-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,6653022,18.36,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,BUY,141677,165.86,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,JMP SECURITIES PVT LTD,BUY,97000,164.51,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,KSHITIJ-PORTFOLIO-PVT.-LTD.,BUY,111884,164.91,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,SETU SECURITIES LTD,BUY,64319,164.91,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,VIJIT SHARES AND COMMODITIES PVT.LTD.,BUY,60603,165.25,-
10-JUL-2009,BAJAJHIND,Bajaj Hindusthan Ltd,DEUTSCHE SECURITIES MAURITIUS LIMITED,SELL,1746295,159.74,-
10-JUL-2009,EDUCOMP,Educomp Solutions Limited,C D INTEGRATED SERVICES LTD.,SELL,136437,3940.88,-
10-JUL-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,6732040,18.38,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,SELL,133955,164.82,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,JMP SECURITIES PVT LTD,SELL,47670,166.16,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,KSHITIJ-PORTFOLIO-PVT.-LTD.,SELL,81884,165.21,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,SETU SECURITIES LTD,SELL,54935,165.47,-
10-JUL-2009,KALINDEE,Kalindee Rail Nirman (Eng,VIJIT SHARES AND COMMODITIES PVT.LTD.,SELL,43772,164.72,-

Post Session Commentary - July 10 2009

The domestic market today nosedived heavily after paring all earlier gains during final trading hours to close in red terrain. Key stocks slipped sharply after exhibiting sea-saw movement, due to severe selling pressure led by concerns over the economy and poor monsoons. Weak opening of European markets along with depressing US index futures weighed on the sentiments. However, market tried to gather momentum during afternoon trade after the IIP data came in better than expected. India’s industrial production for May grew 2.7% from a revised 1.2% rise in April and a 4.4% recorded in the corresponding month last year. BSE Sensex ended below 13,600 level and NSE Nifty closed round 4,000 mark.

The market opened on pleasant note following mixed cues from the global markets and Infosys results have also contributed to the positive sentiments in the market with better than expected quarterly results. However, US stocks markets closed flat on Thursday after a sharp choppy trade. The financials made a rally after an analyst upgraded Goldman Sachs. However, Indian stocks slipped from the day’s highs and turned a little volatile ahead of IIP data for May. Further, benchmark indices continued to move between positive and negative territory though tried to sustain growth during afternoon on as India''s industrial output for May 2009 rose by faster-than-expected 2.7% from a year earlier. However, during last trading hour market trimmed all gains and descended sharply to end the day in red territory on huge sell-off. From the sectoral front, all indices closed in red barring IT stocks. Besides, most of the selling was witnessed in Oil & Gas, Power Capital Goods, Realty, PSU, Bank and Pharma stocks. BSE Mid Caps and Small Caps stocks also remained out of favour.

Among the Sensex pack 24 stocks ended in red territory and 6 in green. The market breadth indicating the overall health of the market remained negative as 1785 stocks closed in red while 772 stocks closed in green and 81 stocks remained unchanged in BSE.

The BSE Sensex closed lower by 253.24 points or (1.84%) at 13,504.22 and NSE Nifty ended down by 77.05 points or (1.89%) at 4,003.90. BSE Mid Caps and Small Caps closed losses of 92.20 and 95.22 points at 4,718.59 and 4,234.50 respectively. The BSE Sensex touched intraday high of 13,897.19 and intraday low of 13,418.39.

Losers from the BSE Sensex pack are Reliance Infra (6.50%), JP Associates (5.62%), RCom (5.43%), HDFC (4.66%), Sun Pharma (4.16%), Reliance (3.99%)M&M Ltd (3.88%), Hindalco (3.82%), SBI (3.64%) and ACC Ltd (3.51%).

Gainers from the BSE Sensex pack are Wipro Ltd (3.37%), Sterlite Industries (3.32%), Infosys Tech (2.97%), TCS Ltd (1.56%), Maruti Suzuki (0.70%) and HUL (0.23%).

The industrial production for May grew 2.7% from a revised 1.2% rise in April and a 4.4% recorded in the corresponding month last year. The manufacturing sector output in May shot up by 2.5%, while the mining sector and power generation grew 3.7% and 3.3%, respectively. The cumulative growth rate during April-May works out to 1.9%, down from 5.3% during the corresponding period last fiscal.

On the global markets front the Asian markets that opened before the Indian market, ended mostly lower. Shanghai Composite, Hang Seng, Nikkei 225 index and Seoul Composite ended lower by 9.10, 82.17, 3.78 and 2.27 points at 3,113.93, 17,708.42, 9,287.28 and 1,428.62 respectively. However, Straits Times ended marginally up by 0.37 points at 2,307.98.

European markets, which opened after the Indian market, are trading in red. In Frankfurt the DAX index is trading down by 27.99 points at 4,602.08 and in London FTSE 100 is trading lower by 28.70 points at 4,129.96.

The BSE Oil & Gas stocks ended lower by (3.28%) or 289.63 points to close at 8,533.30. Major losers are RNRL (5.27%), BPCL (4.15%), Gail India (4.07%), Reliance Pet (4.02%) and HPCL (3.49%).

The BSE Power index plunged (2.54%) or 67.81 points at 2,603.36. Scrips that lost are Reliance Infra (6.50%), Lanco Infra (4.80%), Reliance Power (4.11%), Suzlon Energy (3.65%) and GVK Power (3.11%).

The BSE Capital Goods index lost (2.27) or 263.98 points to close at 11,291.12. Losers are Praj Industries (8.13%), Areva (6.61%), Alstom Proje (6.17%), Aiaengineer (4.62%) and Reliance Indutrial Infra (4.50%).

The BSE Realty index dropped by (2.10%) or 61.12 points at 2,845.66. Penland Ltd (8.15%), Housing Dev (4.98%), Mahindra Life (4.75%), Orbit Co (4.75%) and Unitech Ltd (3.36%) ended in negative territory.

The BSE PSU ended lower by (2.03%) or 153.25 points at 7,390. Losers are Rashtriya Chem & Fert (8.24%), NMDC Ltd (6.30%), Dredg Corp (5.62%), Indian Bank (4.23%) and BPCL (4.15%).

The BSE IT index increased by (2.17%) or 67.17 points to close at 3,196.09. Main gainers are Wipro Ltd (3.37%), Infosys Tech (2.97%), TCS Ltd (1.56%), HCL Tech (0.74%) and Oracle Fin (0.55%).

Alstom Projects India Limited lost 6.17%. The company has been awarded a contract worth Rs 265 crore by Lanco Infratech Limited to install a new power plant on the Teesta River, in India''s Sikkim region. The electricity output of this new 500 MW plant will be connected to the country''s power grid.

Aurobindo Pharma Limited dropped by 3.62%. The company has received final approval for Fosinopril Sodium and Hydrochlorothiazide Tablets USP I0/I2.5mg and 20/12.5mg from the US Food & Drug Administration (USFDA).

Punj Lloyd decreased by 0.67%. A wholly owned subsidiary of the company and Sembawang Engineers and Constructors (Sembawang) announced its first three breakthrough projects In Libya totaling more than Rs 5,904 crore (US$ 1.2 billion) to build commercial and residential developments.

McNally Bharat Engineering Company ended lower by 1.03%. The company has received 2 orders for Design, Engineering, Manufacturing, Testing, Erection and Commissioning of Ash Handling System for 2X600 MW Mahan and Salaya Essar Power Projects for Rs 69 crores and Rs 24 Crores respectively.

Mahindra Satyam Ltd gained 2.03% after the company signed a five-year multi-million dollar deal with UK-based GlaxoSmithKline to provide SAP and other critical systems support.

Infosys Technologies is closed higher by 2.97%. The company has reported a 17.28% growth in consolidated net profit at Rs 1,527 crore in the first quarter ended June 30, 2009 as compared to Rs 1,302 crore for the quarter ended June 30, 2008. The income stood at Rs 5,472 crore for the Q1 ended June 30, 12.73% up from Rs 4,854 crore in the corresponding period a year-ago. On a quarter-on quarter basis, the company’s net profit declined by 5.33% to Rs 1,527 crore in Q1, from Rs 1,613 crore in the January-March quarter of FY 2009.

Nifty July 2009 futures below 4000 mark

Turnover rises

Nifty July 2009 futures were at 3971.90, at a huge discount of 32 points over the spot closing of 4003.90. Turnover in NSE's futures & options (F&O) segment rose to Rs 57,891.12 crore from Rs 53,047.24 crore on Thursday, 9 July 2009.

Reliance Industries July 2009 futures were at discount at 1760 compared to the spot closing of 1775.15.

Infosys Technologies July 2009 futures were at discount at 1716.35 compared to the spot closing of 1721.15.

Reliance Infrastructure July 2009 futures were at discount at 1015 compared to the spot closing of 1028.15.

In the cash market, the S&P CNX Nifty lost 77.05 points or 1.89% at 4003.90.

Oil stocks lead a near 2% Sensex slide

A sell-off in index heavyweight Reliance Industries (RIL) triggered a sharp fall on the bourses in the last one hour of trade today. Power, realty and capital goods stocks dropped. However, IT stocks held firm after IT bellwether Infosys Technologies raised the lower end of its annual forecast in dollar terms. The BSE 30-share Sensex fell 253.24 points or 1.84%, off close to 390 points from the day's high and up 90 points from the day's low. The S&P CNX Nifty regained 4,000 mark after falling below that level in late trade. The market breadth turned weak in contrast to a positive breadth earlier in the day. Weak global markets and lower US index futures dented sentiment.

The BSE Sensex posted its biggest weekly fall in more than eight months. The benchmark index lost 9.4% in the week ended Friday, 10 July 2009.

The market was volatile. The market pared gains after a firm opening triggered by better-than-expected Q1 results from Infosys before trading hours. The Sensex slipped into the red after moving between the positive and negative terrain in mid-morning trade. A bout of volatility was witnessed in early afternoon trade. The market surged in mid-afternoon after Planning Commission deputy chairman Montek Singh Ahluwalia said the rise in industrial production in May 2009 is not a surprise and the worst is over for industrial output. A total reversal of trend was witnessed later as the market slumped in late trade.

India's industrial output rose 2.7% in May 2009 compared to a revised growth of 1.2% in April 2009 government announced at 12:00 IST today showed. April's annual growth rate was revised down to 1.2% from 1.4% previously. Manufacturing production rose 2.5% in May 2009 from a year earlier.

Finance Secretary Ashok Chawla today said industrial output is showing further improvement and he expects the positive trend in output to continue.

Road transport minister Kamal Nath today said the government expects to build 12,000 kilometres of roads this year, with a preference to use a toll model for new roads as far as possible.

Meanwhile, Farm Minister Sharad Pawar said today poor monsoon rains in North India is a serious problem. He, however, said the government is ready with plans to deal with the weak rainfall. The rains were 8% below normal in early July, reviving after the driest June in 83 years, but water in the main reservoirs has more than halved, putting at risk even winter-sown oilseeds and wheat.

Junior finance minister Namo Narain Meena said today there are no plans to revise interest rates on small savings. Meena said the government will to initiate institutional reforms which will encompass subsidies, taxs and disinvestment to bring fiscal deficit under control.

Rating agency Moody's today said India's Union Budget 2009-2010 is in line with its stable sovereign outlook on the country. Finance Minister (FM) Pranab Mukherjee in the Union budget had set a sharply higher fiscal deficit target to 6.8% for the financial year ending March 2010 after he increased spending on roads, power and aid to the poor. The higher fiscal deficit has raised fears of a downgrade of India's sovereign rating by the global credit rating agencies.

European shares fell on Friday, with oil producers leading the losers after US oil firm Chevron Corp late on Thursday warned that second-quarter earnings would be hit by a sharp decline in US refining margins. Key benchmark indices in France, Germay and UK fell by between 0.67% to 0.73%.

Asian stocks were mostly in the red. Key benchmark indices in China, Hong Kong, Japan, Singapore and South Korea fell by between 0.04% to 0.46%. The key benchmark indices in Singapore and Taiwan rose by between 0.02% to 0.32%.

Trading in the US index futures indicated Dow could fall 62 points at the opening bell today, 10 July 2009.

Wall Street ended a choppy Thursday trade largely flat. The Dow Jones Industrial Average was up 4.76 points, or 0.1%, to 8,183.17. The S&P 500 index rose 3.12 points, or 0.4%, to 882.68, while the Nasdaq Composite Index gained 5.38 points, or 0.3%, to 1,752.55.

On the economic front, the latest initial weekly jobless claims fell more than expected to 565,000. It was the first time since January 2009 that initial claims came in below 600,000. However, June retail sales report disappointed as consumers eased spending amid higher gasoline prices and rising unemployment.

The BSE 30-share Sensex fell 253.24 points or 1.84% to 13,504.22. The Sensex rose 139.73 points at the day's high of 13,897.19 in mid-afternoon trade. At the day's low of 13,418.39, Sensex fell 339.07 points in late trade.

The S&P CNX Nifty was down 77.05 points or 1.89% to 4,003.90. Nifty July 2009 futures were at 3971.90, at a huge discount of 32 points over the spot closing of 4003.90. Turnover in NSE's futures & options (F&O) segment rose to Rs 57,891.12 crore from Rs 53,047.24 crore on Thursday, 9 July 2009.

BSE clocked a turnover of Rs 4,586 crore, lower than Rs 4,894.55 crore on Thursday, 9 July 2009.

The market breadth turned weak in late trade in contrast to a positive breadth earlier in the day. On BSE, 770 shares rose as compared with 1,781 that fell. A total of 80 shares remained unchanged.

From the 30 shares Sensex pack, 24 fell and the rest rose.

Indian stocks have risen sharply this year boosted by strong inflow of foreign funds. The BSE Sensex is up 3,856.91 points or 39.97% in calendar year 2009, as on 10 July 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex has risen 5,343.82 points or 65.48% as on 9 July 2009.

Coming back to today's trade, the BSE Mid-Cap index was down 1.92% and underperformed the Sensex. The BSE Small-Cap index was down 1.72%. It outperformed the Sensex.

The BSE IT index (up 2.17%), the BSE TECk index (down 0.09%), the BSE FMCG index (down 0.77%), the BSE Auto index (down 1.29%), the BSE Metal index (down 1.35%), the BSE Consumer Durables index (down 1.71%), the BSE Healthcare index (down 1.77%), outperformed the Sensex.

The BSE Oil & Gas index (down 3.28%), the BSE Power index (down 2.54%), the BSE Capital Goods index (down 2.28%), the BSE Realty index (down 2.1%), the BSE PSU index (down 2.03%), the BSE Bankex (down 1.86%), underperformed the Sensex.

India's largest private sector firm by market capitalisation Reliance Industries (RIL) was down 3.99% to Rs 1,778.40. The Supreme Court on Tuesday declined to stay the Bombay High Court's verdict in a dispute over the sale of natural gas by Reliance Industries (RIL) to Reliance Natural Resources (RNRL).

The Supreme Court didn't grant RIL' plea to stay the order of the Bombay High Court until the resolution of the case and issued notices to the companies and the Centre. Both companies have to reply to appeals filed by each other by 20 July 2009, when the matter is scheduled to be heard. The government must also respond by then, the court said.

RIL, late last week, moved the Supreme court, challenging the Bombay High Court judgment asking it to supply gas to the former at a price that is 44% lower than fixed by the government. In its appeal filed in the Supreme Court on Saturday 4 July 2009, Reliance Industries contended that the high court had erred in deciding the three terms - quantity, tenure and price of gas supply to power plants of Reliance Natural Resources (RNRL) affiliates.

Oil stocks were mixed as crude oil fell today as the dollar gained against the euro and the yen, reducing the appeal of commodities to investors as a hedge against inflation. India's largest state-run oil exploration firm by revenue ONGC fell 1.26%. But Cairn India rose 1.63%. Crude oil for August delivery fell 16 cents to $60.25 a barrel on the New York Mercantile Exchange. The fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.

PSU OMCs fell after oil minister Murli Deora on Thursday said that the government will roll back the Rs 4 a litre hike in petrol prices and the Rs 2 a litre increase in diesel rates if international crude oil prices stabilize between $50 and 60 a barrel. HPCL, BPCL and Indian Oil Corporation fell by between 3.49% to 4.19%. The Government had, last week, raised petrol and diesel prices citing spike in international crude oil prices to $70 a barrel.

A recent sharp slide in crude oil prices augurs well for PSU OMCs. Lower crude oil prices will reduce under-recoveries at the state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.

Contrary to market expectations, the Union Budget 2009-2010 did not include a roadmap for decontrol of fuel prices in the country even as the finance minister said an expert panel will be set up to look into the matter of fuel pricing.

India's second largest IT exporter by sales Infosys rose 2.97% after the company raised the lower end of its annual forecast in dollar terms at the time of announcing Q1 June 2009 results before trading hours today. The management comments that global information technology spending may recover in 2010 on a possible revival of the global economy, also boosted the counter.

Infosys said consolidated revenues in dollar terms are expected to fall 3.1% to 4.6% at $4.45 billion to $4.52 billion in the year ending March 2010 (FY 2010). In April 2009 at the time of announcing Q1 June 2009 results, Infosys has forecast a revenue of between $4.35 to $4.52.

Infosys said consolidated earnings per American Depositary Share is expected to fall between 11.1% to 12.4% at between $1.97 and $2.00 in FY 2010. The company had forecast earnings per American Depositary Share of between $1.91 to $2 in April 2009.

However, the IT major Infosys has revised downwards its earnings and revenue guidance in rupee terms for the year ending March 2010 (FY 2010). Infosys' consolidated net profit as Indian GAAP declined 5.3% to Rs 1527 crore on a 2.89% fall in revenue to Rs 5472 crore in Q1 June 2009 over Q4 March 2009. The results were better-than-market expectations.

Infosys expects prices in the fiscal year to March 2010 to drop by 5% as its overseas clients battle slowing economy, senior officials said at the time of announcing the Q1 results.

Other IT stocks rose after better-than-expected Q1 June 2009 results from Infosys. India's largest IT exporter by sales TCS rose 1.56%. India's third largest IT exporter by sales Wipro rose 3.37% as its American depository receipt (ADR) rose 3.39% on Thursday, 9 July 2009.

Realty stocks fell after the Finance Minister made no major announcement to boost the debt ridden sector reeling under slump in demand for new homes in the Budget. DLF, Unitech, Indiabulls Real Estate, Housing Development & Infrastructure, Omaxe, Akruti City fell by between 0.04% to 4.98%.

Bank stocks declined after the government did not announce financial sector reforms in the Budget. Market expectations on financial sector reforms were high. The government's annual economic survey released ahead of the Budget had called for a phased increase in the foreign direct investment limit in banks. Voting rights in banks should be aligned with equity holdings, the Survey had said.

India's biggest bank in terms of branch network State Bank of India (SBI) fell 3.64%. India's second largest private sector bank by net profit HDFC Bank fell 2.2% even as its American depository receipt (ADR) rose 1.88% on Thursday, 9 July 2009. India's largest private sector bank by net profit ICICI Bank fell 1.18% even as its ADR rose 1% overnight.

India's biggest dedicated housing finance firm by operating income Housing Development Finance Corporation fell 1.3% as the finance minister did not announce a hike in tax sops for housing loans in the Budget contrary to market expectations.

Capital goods stocks fell on profit taking after recent gains triggered by a thrust on infrastructure development in the Union Budget 2009-2010. BEML, Crompton Greaves, Punj Lloyd, Siemens, Larsen & Toubro, Praj Industries, Bharat Heavy Electricals fell by between 0.64% to 8.13%.

Among construction shares, Punj Lloyd, Era Infra Engineering, IVRCL Infrastructure & Projects and Nagarjuna Construction Company, fell by between 0.4% to 5.24%. Finance Minister Pranab Mukherjee on 6 July 2009, provided a thrust on various infrastructure projects in the Budget which will benefit construction firms in the form of increased orders. The government announced more spending for urban, water and road projects. The allocation to National Highway development program allocation was increased 23% to Rs 15948 crore.

Cement stocks fell on profit taking after a sharp surge this week triggered by the Budget's thrust on the infrastructure sector. ACC, Birla Corporation of India and Ambuja Cements, Ultratech Cements, fell by between 0.44% to 6.8%.

Power stocks fell on lack of any major sops in the Budget for the power sector. NTPC, Reliance Infrastructure, Tata Power Company, Relianc Power fell by between 0.46% to 6.5%.

Metal stocks fell as metal prices were subdued on the London Metal Exchange. Steel Authority of India, Hindalco Industries, Tata Steel, Sterlite Industries, National Aluminum Company fell by between 2.97% to 6.75%.

India's largest drug maker by sales Ranbaxy Laboratories fell 3.65% after company said it has voluntarily recalled a single batch of skin infection drugs, Sotret Isotretinoin capsules in 40 miligram strength, from the US market. The company said that the move to withdraw this lot of medicines fell under the US FDA Class III recall. Such a recall implies that the use of or exposure to the product is not likely to cause adverse health consequences.

Finance minister on 6 July 2009, reduced basic customs duty on influenza vaccine and nine other specified life-saving drugs used for treating breast cancer, hepatitis-B, rheumatic arthritis, etc.

The government has also reduced basic customs duty for two bulk drugs used in manufacturing these medicines from 10% to 5%. Bulk drugs are processed raw materials used in manufacturing the final doses of medicines.

Some FMCG stocks rose as the Finance Minister reiterated the government's thrust on the agriculture sector in Union Budget 2009-2010. FMCG firms derives a substantial revenue from rural sector. REI Agro, Jain Irrigation, Tata Tea, Nestle India, Hindutan Unilever, Dabur india rose by between 0.16% to 2.45%.

Finance Minister Pranab Mukherjee, while presenting the Union Budget for 2009-10, said the government will ensure that agriculture grows by at least 4% per year.

The government has announced additional interest rate subvention of 1% to farmers who pay short-term farm loans on schedule. The government has also decided to extend agriculture debt waiver by six months and to provide additional Rs 1000 crore over interim budget for irrigation.

Auto stocks fell even on retention of lower excise duties in the Budget. Ashok Leyland, Hero Honda Motors and Mahindra & Mahindra fell by between 2.01% to 8.66%.

There was no across-the-board increase in excise duties after a sharp reduction in excise duties in two stages since December 2008 which was announced as a part of the government's stimulus package for the economy. A section of the market was fearing rollback of excise duties in the Budget due to signs of a recovery in the Indian economy.

India's largest commercial vehicle maker by sales Tata Motors fell 0.88% even as company's Vice Chairman Ravi Kant said its British luxury auto brands Jaguar and Land Rover (JLR), which have posted over Rs 1,700 crore annual losses, will turn profitable in two years. He further said the acquisition of the two marques was not over-priced.

Unitech clocked the highest volume of 2.32 crore shares on BSE. Cals Refineries (2.27 crore shares), Suzlon Energy (2.1 crore shares), Mahindra Satyam (2 crore shares) and Reliance Natural Resources (1.01 crore shares) were the other volume toppers in that order.

Educomp Solutions clocked the highest turnover of Rs 253.78 crore on BSE. Reliance Industries (Rs 200.85 crore), Reliance Capital (Rs 193.25 crore), Suzlon Energy (Rs 175.54 crore) and Unitech (Rs 157.14 crore) were the other turnover toppers in that order.

Grey Market - Adani Power, NHPC, Mahindra Holidays

Grey Market Premiums of forthcoming IPOs

Prices in Bold are the current grey market premiums



Mahindra Holidays 300

25 to 27

Excel Infoways Ltd. 80 to 85

Discount

Adani Power 110 to 130 (Approximate)

20 to 25

NHPC 15 to 20 Approximate)

4 to 5

Pre Session Commentary - July 10 2009

Today domestic markets are likely to open positive. The Infosys results have surprised the market with better than expected quarterly results. The Q1FY10 PAT recorded at Rs. 1,527 crore marginally lower than Rs. 1,613 crore in the previous quarter. Its revenues declined by a minimal 3% at Rs. 5,472 crore as against Rs. 5,635 crore QoQ. Despite lower topline numbers, the company’s operating profit margin improved by 50bps at 34.1% from 33.6% QoQ. The domestic markets are likely to take a positive thrust from Infosys, however the cautiousness would prevail at the broader level.

On Thursday, domestic markets closed flat amidst lack of news and mixed cues from the Asian markets. The markets opened in a subdued note and showed little sing of rebound from yesterday’s losses. However as the session progressed the benchmark indices kept gyrating range bound. There was immense cautiousness amongst traders and therefore despite northward movement of European markets, the domestic benchmark indices closed flat. Sectors like Metal, HC, FMCG and Oil & Gas were the top gainers of the day with gains of 1.53%, 1.05%, 1.02% and 0.91% respectively. BSE Midcap closed with a gain of 0.58% whereas Smallcap ended flat. Today domestic markets are likely to trade range bound.

The BSE Sensex closed low by 11.69 points at 13,757.46 and NSE Nifty ended flat at 4,080.95. BSE Mid Cap closed with a marginal gain of 27.95 points at 4,810.79 and Small Cap closed with losses of 7.63 points at 4,810.79. The BSE Sensex touched intraday high of 13,879.18 and intraday low of 13,643.97.

Thursday, the US stocks markets closed flat. The day’s session was a choppy trade however financials made a rally after Goldman Sachs was upgraded by an analyst. Further the stocks made modest gains following Alcoa''s better than estimated earnings. Alcoa reported less than expected quarterly losses. It has lost 26 cents per share versus a profit of 66 cents a year ago. But the shortfall was narrower than analyst''s estimates. On the economic front, the number of weekly jobless claims fell to 565,000 last week from a revised 617,000 the previous week but was short of the economist''s expectation of 603,000 new claims. But continuing claims rose to a new record high 6,883,000. US light crude oil for August Futures delivery closed with a marginal gain of 0.4 per cent at $60.41 per barrel on the New York Mercantile Exchange.

The Dow Jones Industrial Average (DJIA) was up by 4.76 points at 8,183.17. NASDAQ index gained 5.38 points to 1,752.55 and the S&P 500 (SPX) grew by 3.12 points to close at 1,752.55 points.

Indian ADRs ended in green on Thursday. In the IT space, Satyam Computers was up 9.73%, Wipro was up 3.39%, Infosys was up 0.58% and Patni Computers was up 1%. In the telecom space, Tata Communication was up 1.4% and MTNL was up 0.8%. In the banking space, HDFC Bank was up 1.88% and ICICI Bank was up 1%. In other sectors, Sterlite Industries was up 5.67%, Tata Motors was up 3.66% and Dr Reddy''s Labs was up 0.66%.

Today major stock markets in Asia are trading flat. Hang Seng is up by 38.57 points at 17,829.16. Shanghai Composite is flat at 3,124.79. Japan''s Nikkei is trading flat at 9,295.05. Strait Times is low by 26.59 points at 2,286.36.

On Thursday, the partially convertible rupee ended at Rs 48.70, 0.37% stronger than its previous close at 48.88. The rupee gained strength as exporters and banks sold dollar foreseeing its weakness.

The FIIs on Thursday stood as net buyers in equity and net sellers in debt. Gross equity purchased stood at Rs 3,451.00 Crore and gross debt purchased stood at Rs 72.60 Crore while the gross equity sold stood at Rs 2,675.50 Crore and gross debt sold stood at Rs 90.10 Crore. Therefore, the net investment of equity reported was Rs 775.50 Crore and net debt was Rs (17.50) Crore.

On BSE, total number of shares traded were 36.66 Crore and total turnover stood at Rs 4,894.55 Crore. On NSE, total number of shares traded were 93.86 Crore and total turnover was Rs 15,951.48 Crore.

Top traded volumes on NSE Nifty – Unitech with total volume traded 193843547 shares, followed by Suzlon Energy with 65514790, DLF with 17922615, ICICI Bank with 11362660 and SAIL with 11361791 shares.

On NSE Future and Options, total number of contracts traded in index futures was 681519 with a total turnover of Rs 13,361.97 Crore. Along with this total number of contracts traded in stock futures were 543872 with a total turnover of Rs 14,407.52 crore. Total numbers of contracts for index options were 1128744 with a total turnover of Rs 23,900.91 Crore and total numbers of contracts for stock options were 46188 and notional turnover was Rs 1,376.83 Crore.

Today, Nifty would have a support at 4,045 and resistance at 4,148 and BSE Sensex has support at 13,612 and resistance at 13,915.

Opening Bell - July 10 2009

Opening Bell - July 10 2009

BREAKING - Infosys Q1FY10 Results

Infosys Technologies, India's second largest software services exporter, has posted a 17.3 per cent increase in net profit to Rs 1,527 crore for the first quarter of current fiscal as compared to Rs 1,302 crore for the quarter ended June 30, 2008.

Total Income has increased by close to 15.5 per cent from Rs 4,971 crore for the quarter ended June 30, 2008 to Rs 5,741 crore for the quarter ended June 30, 2009.

On a sequential basis, quarter on quarter basis, as the company as guided has posted a 5.3 per cent drop in net profit while the topline was down by 3 per cent.

SGX Nifty recovers !

4,109.0 +34.0

Market may open higher on Infosys's better than expected Q1 result

The key benchmark indices may open in green as India's second largest IT firm by sales Infosys announced better than expected Q1 June 2009 result. However weak revenue guidance may weigh on investor sentiment. Weak Asia may also dampen sentiment. The investors will keenly watch industrial output data for the month of May 2009 due today. The index of industrial production (IIP) rose 1.4% in April 2009 from a revised 0.75% decline in March 2009.

India's second largest IT firm by sales Infosys announced its Q1 June 2009 result today, 10 July 2009. Infosy's net profit rose 16% to Rs 1464 crore on 15.53% rise in total income to Rs 5,369 crore in Q1 June 2009 over Q1 June 2008. On a consolidated basis, its net profit rose 15.48% to Rs 1,527 crore on 15.48% rise in total income to Rs 5,741 crore in Q1 June 2009 over Q1 June 2008

Infosys added gross 3,538 staff in Q1 June 2009 while net staff 945 in the first quarter. It added 27 new clients in Q1 June 2009.

Infosys said cash and cash equivalents stood at $2.27 billion till Q1 June 2009. Infosys CFO said global currency market remain volatile. Infosys CEO said believes short term global economic environment continues to be challenging. Infosys said FY 2010 consolidated earning to drop 11.1-12.4%. It said Q2 September 2009 consolidated EPS to drop 8.9-10.7%. It added Q2 September 2009 consolidated revenue to drop 7.1-8.7%.

Most Asian stocks fell today on worries of a prolonged economic slowdown. The key benchmark indices in China, Hong Kong, Japan, South Korea and Singapore fell by between 0.05% to 0.94%.

The Wall Street ended a choppy Thursday trade largely flat. Stocks made modest gains following disappointing retail sales data, and a mixed weekly jobless claims report. The Dow Jones was up 4.76 points, or 0.1%, to 8,183.17. The S&P 500 index rose 3.12 points, or 0.4%, to 882.68, while the Nasdaq Composite Index gained 5.38 points, or 0.3%, to 1,752.55.

On the economic front, the latest initial jobless claims fell more than expected to 565,000. It was the first time since January 2009 that initial claims came in below 600,000. However, June retail sales report disappointed as consumers eased spending amid higher gasoline prices and rising unemployment.

Back home, the key benchmark indices closed flat after moving between positive and negative terrain throughout the day in what was a volatile trading session. The BSE 30-share Sensex was down 11.69 points or 0.08% to 13,757.46 on Thursday, 9 July 2009.

As per the provisional figures on NSE, the foreign funds sold shares
worth Rs 545.55 crore and the domestic funds bought shares worth Rs 578.16 crore on Thursday, 9 July 2009.

Daily Technicals - July 10 2009

Daily Technicals - July 10 2009

Precious metals recover from two month lows

Prices rise as the dollar weakens

Precious metal prices rose from their two month lows on Thursday, 09 July, 2009. Prices rose in synchronization with as crude price which ended its six day losing streak. Prices also rose due to the weak dollar.

Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.

On Thursday, gold for August delivery ended at $916.2, higher by $6.9 (0.8%) an ounce on the New York Mercantile Exchange. Last week, gold ended lower by 1.1%. Year to date, gold prices are higher by 3.8%.

For the month of June, 2009, gold ended down by 5.4%. Gold had ended the month of May higher by 9.8%. It was the highest monthly gain registered by gold in six months. For the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year.

On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (12%) since then.

On Thursday, Comex silver futures for September delivery gained 8.3 cents (0.6%) at $12.935 an ounce.

Silver ended 13% down for the month of June, 2009. For the month of May, silver gained 26.6%. It was the biggest monthly gain for silver in more than two decades. For second quarter, silver rose 4.5%. Year to date, silver has climbed 15% this year. For 2008, silver had lost 24%.

In the currency market on Thursday, the dollar index, a six-currency measure of the greenback's value fell. The euro gained more than 1% against the dollar.

Crude prices ended marginally higher today breaking their six day of continuous losing streak. Crude oil prices settled around $61 today. Crude had given up almost $13 in the past six sessions.

In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.

At the MCX, gold prices for August delivery closed lower by Rs 15 (0.1%) at Rs 14,481 per 10 grams. Prices rose to a high of Rs 14,525 per 10 grams and fell to a low of Rs 14,430 per 10 grams during the day's trading.

At the MCX, silver prices for September delivery closed Rs 72 (0.33%) lower at Rs 21,501/Kg. Prices opened at Rs 21,589/kg and fell to a low of Rs 21,341/Kg during the day's trading.

Crude ends losing streak

Price manages to register marginal gains

Crude prices ended their downward journey and managed to register marginal gains at Nymex on Thursday, 09 July, 2009. Prices rose today due to bullish initial claims data from the Labor Department. Prices also managed to rise due to the weak dollar.

On Thursday, crude-oil futures for light sweet crude for August delivery closed at $60.41/barrel (higher by $0.27 or 0.4%). During intra day trading, it fell below $60 earlier. Last week, crude ended lower by 3.5%. In July, crude has shed 13.6% on a m-t-d basis. Prices had gone down by $13 in the past six sessions.

For the month of June, 2009, crude ended higher by 5.5%. In May, crude had registered the largest monthly gain in a decade rising 30%. For the second quarter, crude ended higher by 40%. Crude prices had rallied 11.3% in the first quarter of 2009.

Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 67% since then. Year to date, in 2009, crude prices are higher by 37.2%.

The Labor Department reported on Thursday, 09 July, 2009 that first-time claims for state unemployment benefits fell in the latest weekly data while continuing claims hit a record high. The number of initial claims in the week ending 4 July, 2009 fell 52,000 to 565,000 - the lowest level since January. The level of initial claims is up more than 50% from the same period in the prior year. The four-week average of initial claims fell 10,000 to 606,000.

In the weekly inventory report, EIA reported yesterday that crude inventories fell by 2.9 million barrels in the week ended 3 July, 2009. The drop came as US imported less oil in the week. Imports averaged 9.2 million barrels a day, down 139,000 barrels a day from the previous week. U.S. refineries ran at 86.8% of their operable capacity last week, slightly lower than the previous week's 87%.

EIA had also reported that gasoline inventories rose 1.9 million barrels, while distillate stockpiles increased 3.7 million barrels for last week. Total U.S. petroleum-product inventories rose for a 15th week to 766.9 million barrels, the highest level since 1998.

Earlier during the week, EIA reported in its short-term energy outlook that it expects a smaller decline in global oil consumption this year due to better-than-expected economic activity in Asia. The EIA now projects oil consumption to fall by 1.6 million barrels a day compared with a decline of 1.7 million barrels a day in its June outlook. The price of crude oil is expected to average near $70 per barrel through the second half of 2009.

In the currency market on Thursday, the dollar index, a six-currency measure of the greenback's value fell. The euro gained more than 1% against the dollar.

Also at the Nymex on Thursday, August reformulated gasoline rose 3.05, or 1.9%, to $1.6638 a gallon and August heating oil fell slightly to $1.5344 a gallon.

August natural-gas futures climbed 1.6% to $3.408 per million British thermal units.

Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.

At the MCX, crude oil for July delivery closed at Rs 2,926/barrel, lower by Rs 77 (2.6%) against previous day's close. Natural gas for July delivery closed at Rs 166/mmbtu, lower by Rs 1.6/mmbtu (0.95%).

HDIL

HDIL